You often hear the term “MLS” used by REALTORS® and on real estate sites. What is it? Well, you can think of the Multiple Listing Service (MLS) as the online “catalog” for all local real estate listings.
Here’s how it works: When a new property is listed for sale with a REALTOR®, he or she gathers as much information as possible about the property, including photographs of the exterior and special features. Now, the information is loaded into a local database that is available on the internet, usually for all real estate brokers who are members of the MLS system to use and display on their own sites.
Even before the advent of the internet, the MLS still existed. Now it’s readily accessible to the general public.
About a half-century ago, the real estate industry began compiling and recording printed booklets of information about property offered for sale. These books were disseminated bi-weekly and provided an invaluable resource to real estate agents, buyers, and sellers about the scope of real estate availability in their local area.
Thanks to the Internet, the cumbersome process of gathering data and reprinting it has been replaced by a more simplified process that enables information to be shared almost as soon as the ink is dry on the listing contract. Also, as a result of the internet real estate offerings far from home can be considered with the click of a mouse.
With access to MLS listings available on the internet to almost all home buyers, visitors to the sites of local brokers have access to all homes represented by licensed agents in that area. For Sale By Owner listings typically are not loaded into the MLS database, and get less exposure than broker represented listings.
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DISCLAIMER: This information is provided for general awareness only and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with a professional in their respective expertise for complete details.